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Dec 27, 2012
12/12
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got a debt and deficit issue, debt-to-gdp issue way too high, approaching european levels, and we've got to solve it. >> such a pity that is it has to go down to the weather. >> my pleasure. >> the market is senting a happy new year. but now it's down just 16 points. >> feels like we're on thin as i aid with some so are you pouring your money into seconds sis no way. outdorg kay bailey hutchison is with us. kwoind out if she thinks there's room for a deal after the house reconvenes on sunday. stay tuned. [ male announcer ] you are a business pro. omnipotent of opportunity. you know how to mix business... with business. and you...rent from national. because only national lets you choose any car in the aisle. and go. you can even take a full-size or above. and still pay the mid-size price. i could get used to this. [ male announcer ] yes, you could business pro. yes, you could. go national. go like a pro. >>> and there's your green, the doug, s&p and even the s&p are now all slightly in the green now. what happened here as, of course, the dow was down earlier today by nearly 150 points
got a debt and deficit issue, debt-to-gdp issue way too high, approaching european levels, and we've got to solve it. >> such a pity that is it has to go down to the weather. >> my pleasure. >> the market is senting a happy new year. but now it's down just 16 points. >> feels like we're on thin as i aid with some so are you pouring your money into seconds sis no way. outdorg kay bailey hutchison is with us. kwoind out if she thinks there's room for a deal after the house...
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Dec 27, 2012
12/12
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forward to deal with comprehensive tax policy in a fair and responsible way and let's deal with the deficit and the balance in a fair away. john boehner basically said no to all of that. and that's really not acceptable leadership. >> is there any -- should harry reid amend the bill that the house sent over at all? the fact is, harry reid has -- needs to add republican cooperation. he wants to say, look, this isn't a game. this isn't show. you know, i can bring out a bill, pass a bill. if john boehner says i'm not going to look at that, what's the point? let's make something happen here. that is what the american people are looking for. we're concerned about the fiscal and economic policies. there's a recovery period that we're experiencing to put more challenges before the economy both consumers and investors. let's create certainty. let's make sure that we pass tax cuts for -- you know, for the majority, the advanced majority, 98%. and let's get that done and move through the regular process to deal with the bigger questions. i'd like to ask you before we go, obviously, the governorship i
forward to deal with comprehensive tax policy in a fair and responsible way and let's deal with the deficit and the balance in a fair away. john boehner basically said no to all of that. and that's really not acceptable leadership. >> is there any -- should harry reid amend the bill that the house sent over at all? the fact is, harry reid has -- needs to add republican cooperation. he wants to say, look, this isn't a game. this isn't show. you know, i can bring out a bill, pass a bill. if...
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Dec 26, 2012
12/12
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working with house speaker john boehner and trying to get a big deal that dealt with tax reform and deficit reduction. that fell apart and talks have largely been stalled this entire time. there was a lost pressure to get something done. we have seen some of the impacts of the fiscal cliff. consumers saying they have been more cautious with their holiday spending because of the uncertainty in washington. economists warn it could get worse and the markets could be foiled if we go over the fiscal cliff. taxes will go up for the average american by about $2,000 and could put us back into a recession. >> which nobody wants to see. kristen welker in hawaii. the president is coming back, but they haven't gotten the 48 hour notice. they are very much out there in play. thank you very much for joining us. appreciate it. when the senate returns tomorrow morning, there will be a new emphasis on members taking a larger role in the fiscal cliff negotiations that based off the current offer may only have a smaller deal. a member of the budget committee and outspoken voice on the left side of the aisle.
working with house speaker john boehner and trying to get a big deal that dealt with tax reform and deficit reduction. that fell apart and talks have largely been stalled this entire time. there was a lost pressure to get something done. we have seen some of the impacts of the fiscal cliff. consumers saying they have been more cautious with their holiday spending because of the uncertainty in washington. economists warn it could get worse and the markets could be foiled if we go over the fiscal...
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Dec 24, 2012
12/12
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the deficit of about $1 trillion that is for fiscal 2013. that assumes that somehow the fiscal cliff doesn't happen and we don't reduce the deficit by $600 billion. national debt, about $16 billion , debt held by the public -- as a percentage it is getting up there. we've had it before. as we talked about two weeks ago it is not so much that the size of the debt it is how fast the debt is growing in comparison to the size of the economy. you don't want to pay off the debt but you want it to fall. host: how did we get to this point? why is the government spending so much and under this president, we've seen the debt go up $1 trillion each year over the last four years. where is it going? guest: there are two main ways to look at it. right now, we're still coming out of this economic crisis. so you have large debts for four years mainly because you have low revenues as people don't have jobs or they are getting paid less. then there has been extra spending programs over the last four years but also, we have this mandatory spending programs tha
the deficit of about $1 trillion that is for fiscal 2013. that assumes that somehow the fiscal cliff doesn't happen and we don't reduce the deficit by $600 billion. national debt, about $16 billion , debt held by the public -- as a percentage it is getting up there. we've had it before. as we talked about two weeks ago it is not so much that the size of the debt it is how fast the debt is growing in comparison to the size of the economy. you don't want to pay off the debt but you want it to...
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Dec 29, 2012
12/12
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FBC
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not even close fixing the deficit spending. still adding to the debt under republican and democrat programs >> this kind of class warfare rhetoric is serving a purpose. the reality is the proposed tax increases will fund the federal government for approximately eight days. it might make people feel good and that's a reason to pass it. frankly, i don't hear any politicians talking reality but the fiscal problems facing the country which is democrat or republican. tom: do you have any hope that the blame game can be put aside so they can get some work done? in the private sector these people would be fired. >> absolutely. this is a do nothing congress, the least active in fur years when it comes to policy making, and the reason we are here is that the delay decisions for the past two years. i do think that something will happen because if it doesn't the consequences will be so severe in the next year again over 9 percent unemployment and a significant slowdown in an already slow economy. tom: but the blame game, who is going to g
not even close fixing the deficit spending. still adding to the debt under republican and democrat programs >> this kind of class warfare rhetoric is serving a purpose. the reality is the proposed tax increases will fund the federal government for approximately eight days. it might make people feel good and that's a reason to pass it. frankly, i don't hear any politicians talking reality but the fiscal problems facing the country which is democrat or republican. tom: do you have any hope...
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Dec 29, 2012
12/12
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tom: will that tax solve the deficit spending? >> it will if you include 2%, 250,000 for couples, 200,000 for individuals and above. you start taxing capital gans and dividends, reinstate that and get rid of $10 billion in corporate taxes every year. you're looking it over $300 billion. ." tom: upside-down by trillion closet -- a trillion dollars. not even close to fixing the deficit spending. still adding to the debt under republican and democrat programs >> this kind of class warfare rhetoric is serving a purpose. the reality is the proposed tax increases will fund the federal government for approximately eight days. it might make people feel good and that's a reason to pass it. frankly, i don't hear any politicians talking reality but the fiscal problems facing the country which is democrat or republican. tom: do you have any hope that the blame game can be put aside so they can get some work done? in the private sector these people would be fired. >> absolutely. this is a do nothing congress, the least active in four years whe
tom: will that tax solve the deficit spending? >> it will if you include 2%, 250,000 for couples, 200,000 for individuals and above. you start taxing capital gans and dividends, reinstate that and get rid of $10 billion in corporate taxes every year. you're looking it over $300 billion. ." tom: upside-down by trillion closet -- a trillion dollars. not even close to fixing the deficit spending. still adding to the debt under republican and democrat programs >> this kind of class...
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Dec 30, 2012
12/12
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it's trying to cut the deficit. >> right, the cuts that everyone is talking about that are in the sequester, those have already been decided and those are in the bank, but as you lk to change current law, the tax cuts expire tomorrow. to replace a bunch of them, to find new revenue and then not continue to cut does not get us out of our hole. so that's the problem. is we're looking at a very small band aid that doesn't get us through the next hurdlhurdle. it keeps us as a fiscal precipice that we've been trying to get out of for 17 months. >> you heard the words used by mitch mcconnell and harry reid, do you see this as a breakdown? or is it just more brinksmanship? >> as you know, even the most distant viewer observer far away from washington would know that these are never resolved before the absolute last-minute. so to get anything resolved today would be surprising. i think people are pushing on both sides of the bargaining table. asking for a little more, a little more. there's going to have to be more budgeting. but it is a good sign as was mentioned before. that the vice president is
it's trying to cut the deficit. >> right, the cuts that everyone is talking about that are in the sequester, those have already been decided and those are in the bank, but as you lk to change current law, the tax cuts expire tomorrow. to replace a bunch of them, to find new revenue and then not continue to cut does not get us out of our hole. so that's the problem. is we're looking at a very small band aid that doesn't get us through the next hurdlhurdle. it keeps us as a fiscal precipice...
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Dec 30, 2012
12/12
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, it is 6 or 7% and i don't believe all of it will go on the deficit. when we raised the debt ceiling in august of 2011, we borrowed $2.1 billion. we spent that much money, in 17 months. why would i raise the debt ceiling again, unless we address what put us in debt to begin with? i'm not going to raise the debt ceiling unless we get serious about keeping the country from becoming greece, and social security and medicare, here's what i would like, meaningful entitlement reform, not to turn social security into private accounts, not to take a voucher approach to medicare. but, adjust the age for social security, cpi changes and means testing and look beyond the ten-year window. i cannot in good conscience raise the debt ceiling without addressing the long term debt problems of this country and i will not. >> chris: and, senator feinstein, you heard president obama say we have to get out of the habit and will not start trading debt ceiling increases for spending cuts. >> i think the key to what he is saying is that you don't affect people at this time. wh
, it is 6 or 7% and i don't believe all of it will go on the deficit. when we raised the debt ceiling in august of 2011, we borrowed $2.1 billion. we spent that much money, in 17 months. why would i raise the debt ceiling again, unless we address what put us in debt to begin with? i'm not going to raise the debt ceiling unless we get serious about keeping the country from becoming greece, and social security and medicare, here's what i would like, meaningful entitlement reform, not to turn...
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Dec 28, 2012
12/12
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i've been working with leaders to try to forge an agreement to grow our economy and shrink the deficit. a balanced plan that would cut spending a responsible way, but also ask the wealthiest americans to pay a little more and protect the middle class and everyone striving to get into the middle class. i still want to get this cone. it's the right thing for our families. but the hour for immediate action is here. it is now. we're now at the point where in just four days, every american's tax rates are scheduled to go up by law. every american's paycheck will get considerably smaller. and that would be the wrong thing to do. it would be bad for middle class families and bad for businesses that depend on family spending. forchew nat ew fortunately, con can prevent it from happening. i just had a good discussion about how to prevent this tax hike on the middle class. and i'm optimistic we may still be able to reach an agreement that can pass both houses in time. senators reid and mcconnell are working on such an agreement as we speak. but if an agreement isn't reached in time between senat
i've been working with leaders to try to forge an agreement to grow our economy and shrink the deficit. a balanced plan that would cut spending a responsible way, but also ask the wealthiest americans to pay a little more and protect the middle class and everyone striving to get into the middle class. i still want to get this cone. it's the right thing for our families. but the hour for immediate action is here. it is now. we're now at the point where in just four days, every american's tax...
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Dec 30, 2012
12/12
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who should pick up the burden for deficit reduction? working people who have seen their wages go down or the top 2% who have done phenomenally well, while their effective tax rate, as mitt romney reminded us by not releasing his tax returns, is extremely low. so to my mind, what this deficit reduction debate is about is asking the wealthiest people, the large corporations to help us with deficit reduction and give a break for a change to the middle class and working families. >> as you say, one that would mean less money for seniors with the social security adjustment is off the table, are you more optimistic about getting a deal done. >> we still have a long way to go. >> what do you see as the major sticking point? >> one of the sticking pointing, what the republicans want to do is continue the 2010 agreement on lower estate tax rates, which means, chris, $120 billion tax break over a ten-year period for the top 0.2 of 1%. they get $120 billion tax break. and people come forward and say we're very serious about deficit reduction. thir
who should pick up the burden for deficit reduction? working people who have seen their wages go down or the top 2% who have done phenomenally well, while their effective tax rate, as mitt romney reminded us by not releasing his tax returns, is extremely low. so to my mind, what this deficit reduction debate is about is asking the wealthiest people, the large corporations to help us with deficit reduction and give a break for a change to the middle class and working families. >> as you...
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Dec 30, 2012
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they want them to carry the burden of reducing the deficit and refuse to ask higher income individuals to pitch in to fully share responsibility. and that is exactly what is happening. it is important to know that republicans are now demanding that the wealthiest of the very wealthiest estates in this country get a sweetheart deal on estate taxes which would help 7,200 families in the country next year get an average tax break of $1.2 million. and they are holding up tax relief for everybody else in the country in order to get this demand met for the very wealthiest estates. this isn't even the top 1%. this is a fraction of 1%. while they want to give those folks a big break they want folks on social security to pay more. and so this is a major setback. it is interesting to hear mitch mcconnell talking about his good faith efforts. he knows that he just threw a monkey wrench into the negotiations y. think he is also doing it to protect speaker boehner and the republicans and the house because he doesn't want to send them a deal that he knows they are going to vote down. >> let's talk a
they want them to carry the burden of reducing the deficit and refuse to ask higher income individuals to pitch in to fully share responsibility. and that is exactly what is happening. it is important to know that republicans are now demanding that the wealthiest of the very wealthiest estates in this country get a sweetheart deal on estate taxes which would help 7,200 families in the country next year get an average tax break of $1.2 million. and they are holding up tax relief for everybody...
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Dec 24, 2012
12/12
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doesn't contribute to the deficit. and we're talking about the deficit. why should social security be discussed in that context? >> completely off the table? >> absolutely. absolutely. and that was the -- and that was our position during the campaign. social security has nothing to do with the deficit. does not contribute to it. walled off from it. its own trust fund with $2.7 trillion in it at the moment. and the american people by huge majorities say we shouldn't be cutting social security or for that matter medicare benefits. you can cut medicare in ways you don't cut benefits and the hypocrisy of republicans that said that democrats are terrible because they took $716 billion from medicare for obama care and what do we want to do? pocket the cuts and add more. our chief demand is entitlement cuts. medicare and social security. >> talk about the debt ceiling and where this is played in to this conversation. that is coming up in february or supposed to come up in february. john boehner made the offer to take it off the table for a year but i want to sho
doesn't contribute to the deficit. and we're talking about the deficit. why should social security be discussed in that context? >> completely off the table? >> absolutely. absolutely. and that was the -- and that was our position during the campaign. social security has nothing to do with the deficit. does not contribute to it. walled off from it. its own trust fund with $2.7 trillion in it at the moment. and the american people by huge majorities say we shouldn't be cutting social...
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Dec 30, 2012
12/12
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it ought to be about reducing the deficit and the debt and what they are essentially suggesting is we want new taxes, we want higher taxes on people in this country to pay for new spending. >> senator, senator mcconnell has spoken a couple times with the vpz. we have seen in the past that the two of them have been able to come up with bipartisan deals to get through congress on taxes and other things. did he give you an indication in the meeting you just had with rank and file republicans that might be an avenue of success? >> there -- those conversations and discussions continue. and we remain hopeful that that will get a breakthrough. on veryiously, what had happened here between the two leaders in the senate had broken down because the senate democrats failed to come forward with a counteroffer to the proposal republicans made last night. so hopefully, the discussions between the vice president and senator mcconnell will get us back on track, hopefully get a breakthrough and something we can vote on, hopefully today or tomorrow that will avert what we believe will be an economic di
it ought to be about reducing the deficit and the debt and what they are essentially suggesting is we want new taxes, we want higher taxes on people in this country to pay for new spending. >> senator, senator mcconnell has spoken a couple times with the vpz. we have seen in the past that the two of them have been able to come up with bipartisan deals to get through congress on taxes and other things. did he give you an indication in the meeting you just had with rank and file republicans...
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Dec 29, 2012
12/12
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unemployment insurance is available for 2 million people, and it lays the groundwork for additional deficit reduction and economic growth steps that we can take in the new year. let us not miss this deadline. that is the bare minimum we should be able to get done. it should not be hard since democrats and republicans say they do not want to see taxes go up on middle-class families. i have to repeat -- outside of washington, nobody understands how it is that this seems to be a repeat pattern over and over again. ordinary folks -- they do their jobs. they meet deadlines. they sit down and they discuss things and then things happen. if there are disagreements, they sort through the disagreements. the notion that our elected leadership cannot do the same thing is mind-boggling to them. it needs to stop. i am modestly optimistic that an agreement can be achieved. nobody will get 100% of what they want. let us make sure that middle- class families and the american economy and the world economy are not adversely impacted because people cannot do their jobs. thank you very much, everybody. >> today
unemployment insurance is available for 2 million people, and it lays the groundwork for additional deficit reduction and economic growth steps that we can take in the new year. let us not miss this deadline. that is the bare minimum we should be able to get done. it should not be hard since democrats and republicans say they do not want to see taxes go up on middle-class families. i have to repeat -- outside of washington, nobody understands how it is that this seems to be a repeat pattern...
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Dec 29, 2012
12/12
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explodes the deficit. hurts middle class employment. none has anything to do with the problem that we have which is number one in revenue we are spending too much and number two job creation. none of this helps either one of those things joe trippi and you know that is true. >> i don't know that is true and we won't agree about that. we will agree about one thing. going over the cliff will be far worse than what the president has put forward as a solution. >> sean: no, it is not. >> yes, it will. why don't we go over the cliff and get it over with. that makes sense to me, sean. >> sean: i say from the beginning he wanted to go over the cliff. he gets to blame republicans, tax everybody and gets defense cuts he never dreamed of through se see questions traition. we still have trillion dollars deficits. >> we got to be honest here. >> let's be honest both parties have been lying to the american people about that for years for decades sean. it is not a dam problem. >> sean: and no president has spent like this reckless spender. billy cunni
explodes the deficit. hurts middle class employment. none has anything to do with the problem that we have which is number one in revenue we are spending too much and number two job creation. none of this helps either one of those things joe trippi and you know that is true. >> i don't know that is true and we won't agree about that. we will agree about one thing. going over the cliff will be far worse than what the president has put forward as a solution. >> sean: no, it is not....
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Dec 30, 2012
12/12
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we still have a trillion-dollar deficit. we've got a lot of work to do. >> we do have a lot of work to do all i ask is we get the work down. stephen moore, always a pleasure to talk to you. we'll be talking a lot in 2013. >>> coming up, the great tax debate that stephen was just talking about. does raising tax on the wealthy really hurt the economy? i'll give you an answer after this. >>> the biggest issue in all the fiscal cliff wrangling is taxes. it's not the most important issue, but it's the central one. grover norquist told you his strong opposition to any tax increases of any sort. many republicans share his view. let's look at the economy. obviously across the board tax increases would hurt the economy. but what will the real economic reaction be to small tax increases on the wealthiest americans? now, annie lowrie of the "new york times" is still with us. i always have to make sure my viewers understand i am not advocating for tax increases on the rich. i want to explain what could happen. i want to bring in jean za
we still have a trillion-dollar deficit. we've got a lot of work to do. >> we do have a lot of work to do all i ask is we get the work down. stephen moore, always a pleasure to talk to you. we'll be talking a lot in 2013. >>> coming up, the great tax debate that stephen was just talking about. does raising tax on the wealthy really hurt the economy? i'll give you an answer after this. >>> the biggest issue in all the fiscal cliff wrangling is taxes. it's not the most...
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Dec 29, 2012
12/12
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FBC
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with leaders of both parties to try and forge an agreement that would grow our economy and shrink the deficit. a balanced plan that would cut spending in a responsible way but also ask the wealthiest americans to pay a little more. and above all, protect our middle class and everybody who is striving to get into the middle class. i still want to get this done. it is the right thing to do for our families, four or businesses and for our entire economy but the hour for immediate action is here. it is now. we're now at the point where in just four days every american's tax rates are scheduled to go up by law. every american's paycheck will get consider bring smaller. and that would be the wrong thing to do for our economy. it would be bad for middle class families and it would be bad for businesses that spend, depend on family spending. fortunately congress can prevent it from happening if they act right now. i just had a good and constructive discussion here at the white house with senate and house leadership about how to prevent this tax hike on the middle class. and i'm optimistic we may stil
with leaders of both parties to try and forge an agreement that would grow our economy and shrink the deficit. a balanced plan that would cut spending in a responsible way but also ask the wealthiest americans to pay a little more. and above all, protect our middle class and everybody who is striving to get into the middle class. i still want to get this done. it is the right thing to do for our families, four or businesses and for our entire economy but the hour for immediate action is here....
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Dec 30, 2012
12/12
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separately is how do we bring down our deficit? do we attack social security entitlements, medicare, medicaid and that's this ideological struggle we're seeing between democrats and republicans that will continue in a series of skirmishes probably over the debt ceiling come february and ongoing until they finally have it out and resolve this for the long term. >> i think the white house's view in political terms is that how he handles himself on this sets the terms of engagement for those subsequent fights. again, a few weeks ago, when i was talking to people at the white house about how they were going to strategize this, they said look, this is a re-set moment and we've got to re-set sort of the balance of power from the 2011 talks. >> i think it's worth emphasizing on the numbers you mentioned the public overwhelming supports raises faxes on the wealthy but on the spending cuts they oppose cutting those programs in large numbers. when you get specific about that, don't cut that, don't cut that. >> hands off medicare. >> the pres
separately is how do we bring down our deficit? do we attack social security entitlements, medicare, medicaid and that's this ideological struggle we're seeing between democrats and republicans that will continue in a series of skirmishes probably over the debt ceiling come february and ongoing until they finally have it out and resolve this for the long term. >> i think the white house's view in political terms is that how he handles himself on this sets the terms of engagement for those...
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Dec 23, 2012
12/12
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CSPAN
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demanding to deficit-reduction. -- demanding deficit reductions. tell me where there are. interest rates have been going up in the other direction. to get back to something else that we were talking about a few minutes ago. tax expenditures, tax breaks, deductions and credits that you were mentioning, they are as billable to individuals as some -- as valuable to individuals as some of the mentor programs to those as on the spending side. they have as much political support and will be as difficult to get rid of or change. like medicare or social security. some to get back to your question, -- so to get back to your question, that is the reason why tax reform will be so difficult here. if there is a provision still in the tax code coming is there because it has political support and it will be difficult to get rid of. host: one of our viewer says, how well wall street react to the fiscal cliff? we know there will be a deal. will stocks dropped anyway? -- drop anyway? do you follow the market? guest: i do. it is possible the market will reflect displeasure or concern cliff.
demanding to deficit-reduction. -- demanding deficit reductions. tell me where there are. interest rates have been going up in the other direction. to get back to something else that we were talking about a few minutes ago. tax expenditures, tax breaks, deductions and credits that you were mentioning, they are as billable to individuals as some -- as valuable to individuals as some of the mentor programs to those as on the spending side. they have as much political support and will be as...
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Dec 27, 2012
12/12
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and it immediately moved to deficit reduction and how to do it. and that was a very fundamental, important shift in the conversation. >> we have to go, but -- we have to go, but i heard that after the show, sam stein will be on twiner. you can be there, too. >> we can get together. >> we have another important item, though, which is the biggest hurdle arguably to president obama's second term agenda. that's something you're probably never going to hear about, literally. people think of the filibuster as a talk athon to stop action in the senate. but nowadays it has been attacked with a constant extreme of silent filibusters. up next, the talking filibuster ahead live. >>> time for the your business preer oes weeks. amber and mark started north carolina's based footsteps clothing which had a booming christmas themed pajama liven. not wanting to be jump a seasonal line of christmas, they added other opportunities. for more, watch "your business." sunday morning at 7:30 a.m. everyone loves surprise parties. yeah, so last week we had a surprise party
and it immediately moved to deficit reduction and how to do it. and that was a very fundamental, important shift in the conversation. >> we have to go, but -- we have to go, but i heard that after the show, sam stein will be on twiner. you can be there, too. >> we can get together. >> we have another important item, though, which is the biggest hurdle arguably to president obama's second term agenda. that's something you're probably never going to hear about, literally. people...
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Dec 26, 2012
12/12
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we are looking at the deficit of this year and looking at deficit of that size as far as the eye can see and not how to put together a minor package as chuck was talking about. this is the larger deal. the problem you have, obviously, not much time so i think you're likely to see a two-step process here. dealing with the immediate dynamics to, in fact, set up a situation to deal with the larger situation. but ultimately, here, the other element to occur is this is a real negotiating process. i have to say i was disappointed in the president when he used this line, when the speaker said to him, hey, i'm giving you $800 billion. what do i zbhet the president's response was nothing. the white house has to come up with -- >> the response of the white house is times is different. 2011 is 2011. doesn't speaker boehner get less out of a smaller deal? >> no, no. i think he wants a larger deal and going back to august of 2011, they were -- they got very close to the large deal. richard, pushing back in terms of a little bit in terms, look, this is a negotiating process. one side can't say you
we are looking at the deficit of this year and looking at deficit of that size as far as the eye can see and not how to put together a minor package as chuck was talking about. this is the larger deal. the problem you have, obviously, not much time so i think you're likely to see a two-step process here. dealing with the immediate dynamics to, in fact, set up a situation to deal with the larger situation. but ultimately, here, the other element to occur is this is a real negotiating process. i...
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are you going to pay down the deficit? if you are going to use it for more government spending we don't want a part of it. senator mcconnell on the republican side seemed to get frustrated because he felt like the democrats were slow walking the th, 18 hours without a response. mcconnell made a call to a well known senator, joe biden to see if he could help. >> we're willing to work with whoever can help. no single issue remains an impossible sticking point. a sticking point appears to be a willingness and interest or frankly the courage to close the deal. >> reporter: as senate aide says it was designed to try to jumpstart the talks and consequences of getting a tax increase is a huge concern. >> gregg: what went awry in these talks? >> you heard senator thune. a fiscal cliff deal is a new way calculating inflation that would lower social security payments. democrats say they would do it as part of much bigger deal but it was off the table for the smaller deal they are working on. so democrats called it a poison pill. >>
are you going to pay down the deficit? if you are going to use it for more government spending we don't want a part of it. senator mcconnell on the republican side seemed to get frustrated because he felt like the democrats were slow walking the th, 18 hours without a response. mcconnell made a call to a well known senator, joe biden to see if he could help. >> we're willing to work with whoever can help. no single issue remains an impossible sticking point. a sticking point appears to be...
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and really, is not interested in a balanced approach to deficit reduction. it's been pretty clear that that's the story we have been telling and it happens to be the truth. >> i understand that two of colleagues proposed cuts to medicare for a hike in the debt ceiling. what do you make of that offer? >> i think one of the things that people don't realize is that it's a dirty little secret. the republicans don't want to cut the things that americans want cut. and they want to cut things that americans don't want cut. poll after poll shown americans do not want deficit reduction done by cutting medicare and medicare and social security. so they propose and saw the same scenario when paul ryan put the budget out and because the american people rejected the kind of draconian cuts that the republicans want to make so, you know, that's a nonstarter in the senate. i think it's a nonstarter with the president. sure can pass the house but going nowhere past that. >> the smaller offer we hear that the president is making at 3:00, to congressional leadership, what kind
and really, is not interested in a balanced approach to deficit reduction. it's been pretty clear that that's the story we have been telling and it happens to be the truth. >> i understand that two of colleagues proposed cuts to medicare for a hike in the debt ceiling. what do you make of that offer? >> i think one of the things that people don't realize is that it's a dirty little secret. the republicans don't want to cut the things that americans want cut. and they want to cut...
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as a former governor, we don't operate with big deficits. you can't do that and we're in trouble in this country financially. the long term and in the short term, yes, we'll have a recession. it won't be a bad one but it will be one and nobody wants a recession. in the long term i think wall street goes crazy and you will see 15,000, 17,000 in the dow because finally somebody has done something serious about the deficit. i don't believe they will if they come to an agreement. >> you know, governor rendell, i want to know if you agree with governor dean. part of the message, one of the things that strikes me, the message for so long has been we can't go over the cliff, we can't go over the cliff. here are all the things that will happen to individual americans if we go over the cliff. there's a lot of anxiety out there. we've been hearing about that, we've seen the markets up and down. to some degree, i understand the political arguments but in terms of the argument of the stability of the country and our economy, do you agree with governor d
as a former governor, we don't operate with big deficits. you can't do that and we're in trouble in this country financially. the long term and in the short term, yes, we'll have a recession. it won't be a bad one but it will be one and nobody wants a recession. in the long term i think wall street goes crazy and you will see 15,000, 17,000 in the dow because finally somebody has done something serious about the deficit. i don't believe they will if they come to an agreement. >> you know,...
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and this was all supposed to be an exercise in bringing down our deficit and our long-term debt and where we are right now, it doesn't appear that we are getting that done and even more importantly, it appears that republicans are still trying to protect the tippy top as opposed to looking after the greater good of the economy and middle class families. >> as far as you-all were told by the democratic leader, where do you think stands -- things stand right now? >> i think that there is a difference in terms of what we think the rates should be for -- and at what point there should be a tax cut and at what point there should be a little revenue that we should collect. there is a difference there. there was a difference about whether or not we should be looking at the social security issue in this discussion. my understanding now the republicans have backed off now, correct, and we are looking at whether or not we are going to end up with deficit and debt reduction and whether or not the changes the republicans are insisting upon are going to comes on the backs of the middle class. >>
and this was all supposed to be an exercise in bringing down our deficit and our long-term debt and where we are right now, it doesn't appear that we are getting that done and even more importantly, it appears that republicans are still trying to protect the tippy top as opposed to looking after the greater good of the economy and middle class families. >> as far as you-all were told by the democratic leader, where do you think stands -- things stand right now? >> i think that there...
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Dec 29, 2012
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these tax increases for the rich or not, as you know, you've said, we still have a trillion-dollar deficit. we have a lot of work to do. >> we do. all i ask is that we get the work done. steven moore, always a pleasure. thank you. we'll talk to you a lot in 2013. >>> up next, the great tax debate that steven was just talking act. does raising tax on the wealthy really hurt the economy? i'll give you an answer. s. but you're progressive, and they're them. yes. but they're here. yes. are you...? there? yes. no. are you them? i'm me. but those rates are for... them. so them are here. yes! you want to run through it again? no, i'm good. you got it? yes. rates for us and them -- now that's progressive. call or click today. meet the 5-passenger ford c-max hybrid. when you're carrying a lot of weight, c-max has a nice little trait, you see, c-max helps you load your freight, with its foot-activated lift gate. but that's not all you'll see, cause c-max also beats prius v, with better mpg. say hi to the all-new 47 combined mpg c-max hybrid. >>> the biggest issue is tax increases. many republicans s
these tax increases for the rich or not, as you know, you've said, we still have a trillion-dollar deficit. we have a lot of work to do. >> we do. all i ask is that we get the work done. steven moore, always a pleasure. thank you. we'll talk to you a lot in 2013. >>> up next, the great tax debate that steven was just talking act. does raising tax on the wealthy really hurt the economy? i'll give you an answer. s. but you're progressive, and they're them. yes. but they're here....
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reduce the deficit by 10 or 12%. so it's a question at this point of what sort of hollow, empty meaningless symbolic gesture daus washington want to make and how many group of people do they want on the altar to make that gesture. >> what's so interesting here is that we're talking about the republicans fighting to protect 1.2% of the american public from a tax increase. 98.2% of taxpayers are below the $250,000 threshold so it's kind of amazing in congress, particularly when we're talking about the house, that he's made a pledge around tacks that its willing to allow 98.2% of americans to pay more by going over -- around this curve, it's more of a curve than a cliff. but i think the issue of the deficit is important. i don't think it's a symbolic gesture. one of the things that we've seen is $200 million we've started carving off the deficit. and the question is the time frame of deficit reduction, right? it's how fast, over what time trajectory do we see health? we've been making improvements over the past three ye
reduce the deficit by 10 or 12%. so it's a question at this point of what sort of hollow, empty meaningless symbolic gesture daus washington want to make and how many group of people do they want on the altar to make that gesture. >> what's so interesting here is that we're talking about the republicans fighting to protect 1.2% of the american public from a tax increase. 98.2% of taxpayers are below the $250,000 threshold so it's kind of amazing in congress, particularly when we're...
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we have a $16 trillion deficit right now. we have the deficit because of social security, medicaid, medicare, welfare, food stamps -- all policies put into effect by the democratic party. everything is socialism. thomas jefferson said it best -- the republic is doomed. people sacrifice -- i'm a libertarian. i am more objective. i'm not a republican or democrats. i have to wonder if i want to live in this country. 29% of americans got some kind of assistance when ronald reagan was president. i have to consider and i'm considering moving to a tropical island and watching america go down the drain. we need to abolish social security, medicare, and medicaid. host: i will stop you there. we appreciate your thoughts. joseph says -- will go back to stay but by the president on the passing of norman schwarzkopf. host: "his legacy will e ndure." back to your calls. caller: good morning. god bless us. [indiscernible] where is the love? .e're at a church when the president and everybody was running. the church was all over the program.
we have a $16 trillion deficit right now. we have the deficit because of social security, medicaid, medicare, welfare, food stamps -- all policies put into effect by the democratic party. everything is socialism. thomas jefferson said it best -- the republic is doomed. people sacrifice -- i'm a libertarian. i am more objective. i'm not a republican or democrats. i have to wonder if i want to live in this country. 29% of americans got some kind of assistance when ronald reagan was president. i...
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the dow erased most of its 150- point deficit after promising news from washington. it ended up closing down 18 points. the nasdaq and s&p also closed down a bit. >>> just in tonight, america has lost one of its most decorated and beloved war heroes. general norman schwartzkopf died today. he raised as an army brat spent his life in the military. in vietnam he famously rescued fellow soldiers by marking land mines with shaving cream. but he is best known for commanding the american-led coalition in the 1991 gulf war. his temper earned him that nickname stormin norman. he was 78. >>> a woman called 911 in the middle of the night screaming for help. officers showed up and when it was over they had shot and killed a man. it happened at an apartment complex on creekside drive in walnut creek. officers say that the man confronted them the moment they arrived at the apartment around 3:15 this morning. they won't say what kind of weapon he had but the police say they were forced to shoot him. he died at the scene. some neighbors managed to sleep through it all. >> a little
the dow erased most of its 150- point deficit after promising news from washington. it ended up closing down 18 points. the nasdaq and s&p also closed down a bit. >>> just in tonight, america has lost one of its most decorated and beloved war heroes. general norman schwartzkopf died today. he raised as an army brat spent his life in the military. in vietnam he famously rescued fellow soldiers by marking land mines with shaving cream. but he is best known for commanding the...
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Dec 27, 2012
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agrees that you can't set this nation's economy on a healthy path that cease going to take care of our deficit and make it a managinin bart of gdp. he knows we can't asked the republicans to raise it 1.2, 1.3 trillion in revenue. he's reached out and made cig nif kant concessions and the response to that was nothing. it is pathetic. >> jaret, let me ask you, if we go over the cliff, what ps? is there not an immediate impact on people with unemployment insurance and other things? i mean, what happens if we go over this cliff? >> well, you really have to distinguish between going over the cliff and quickly reversing the damage, meaning in a matter of weeks, which is still impossible. if we go over and stay over, a couple of million people will lose their unemployment benefits. eventually, taxes will increase for millions of others. the payroll tax holiday will probably be gone either way. once we go over the cliff, the economic pain will be forthcoming. >> and can be significant. give me a yes or no. are we going over the cliff? or will it be a last-minute deal? >> i think we're going over. >> y
agrees that you can't set this nation's economy on a healthy path that cease going to take care of our deficit and make it a managinin bart of gdp. he knows we can't asked the republicans to raise it 1.2, 1.3 trillion in revenue. he's reached out and made cig nif kant concessions and the response to that was nothing. it is pathetic. >> jaret, let me ask you, if we go over the cliff, what ps? is there not an immediate impact on people with unemployment insurance and other things? i mean,...
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it would have an impact on the deficit. the president and democrats said they would like to have more deficit reduction but they don't want middle income seniors paying for that. it's a tough, tough point. the president said he would be open to entitlement changes in a bigger, broader deal. that's not what this was intended to be in the last 48 hours or so. i don't have a crystal ball. the moment we are in right now, it's not looking good. >> kelly o'donnell, live on capitol hill. we will check back in with you. thank you so much. again, the update, the highlight there from kelly o'donnell. there's been a major setback at this point in negotiations. according to democratic sources telling some democrats they are in a worse place in the negotiations now than they have been in some time. we're keeping a close eye on capitol hill. all the fiscal cliff business, maybe we put it aside at some point. we are not going to talk about that. by all accounts, 2013 should be a year of economic recovery. it should be. in a new article in
it would have an impact on the deficit. the president and democrats said they would like to have more deficit reduction but they don't want middle income seniors paying for that. it's a tough, tough point. the president said he would be open to entitlement changes in a bigger, broader deal. that's not what this was intended to be in the last 48 hours or so. i don't have a crystal ball. the moment we are in right now, it's not looking good. >> kelly o'donnell, live on capitol hill. we will...
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extends unemployment insurance and lays the ground for future progress on more economic growth and deficit reduction. >> reporter: in the republican response, missouri senator, roy blunt, called the president's plan the wrong way forward. >> the president's proposal to raise taxes on the top 2% of americans won't pay one-third of the annual interest now owed on this massive 16 trillion dollar debt. >> reporter: sources closest to the talk tell harry reid and mitch mcconnell are working to draft a plan that will include extending unemployment benefits and keeping 30 million americans from paying the alternative minimum tax and allowing taxes to increase on the wealthiest americans. this remains a major sticking point for many republicans. some say a small deal is better than no deal at all but represents a lack of leadership. >> they haven't taken any of the hard measures to bring spending down and reform entitlements and raise more revenues. >> reporter: now, late saturday, negotiators continued to haggle over a number of issues, particularly the issue of taxes. republican leader, mitch mc
extends unemployment insurance and lays the ground for future progress on more economic growth and deficit reduction. >> reporter: in the republican response, missouri senator, roy blunt, called the president's plan the wrong way forward. >> the president's proposal to raise taxes on the top 2% of americans won't pay one-third of the annual interest now owed on this massive 16 trillion dollar debt. >> reporter: sources closest to the talk tell harry reid and mitch mcconnell...
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and i think that's a big problem when you have a $1.1 trillion deficit. the only thing this debate has really been about for the last five weeks has been about tax increases. you're right. the republicans are playing a pretty weak end. as you both know, if nothing happens, then all the taxes go up. part of me says look, the republicans have to get this behind them. go into 2013 where they'll have a stronger hand. on things like the debt ceiling, what do we do to bring down the rest of the trillion deficit. but right now they're stymied. but i do think that by january 1st, they will have a deal in hand. i still think so. >> joy reid, have those conservative republicans, who wouldn't go along with speaker boehner's plan b last night actually strengthen president obama's hand? because as between the two men, speaker boehner and president obama, one clearly now has the upper hand in terms of leverage and negotiation. >> yeah, completely. and president obama went into this with all of the leverage. and now he's just gotten more. look, at the end of the day, th
and i think that's a big problem when you have a $1.1 trillion deficit. the only thing this debate has really been about for the last five weeks has been about tax increases. you're right. the republicans are playing a pretty weak end. as you both know, if nothing happens, then all the taxes go up. part of me says look, the republicans have to get this behind them. go into 2013 where they'll have a stronger hand. on things like the debt ceiling, what do we do to bring down the rest of the...
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several years ago meeting with speaker pelosi, the twin deficit the job and the budget deficit. lori: we don't hear that. we have breaking news. urinalysis is a fascinating. deschutes your analysis is fascinating we want to have you back again. tracy: and 14 major ports that are being threatened to be shut down. we will get the latest. lori: also confidence in the global economy is higher suggesting people are picking up more security. we are back after this. she keeps you guessing. it's part of what you love about her. but your erectile dysfunction - you know, that could be a question of blood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you can be more confident in your ability to be ready. and the same cialis is the only daily ed tablet approved to treat ed and symptoms of bph, like needing to go frequently or urgently. tell your doctor about all your medical conditions and medications, and ask if your heart is healthy enough for sexual activity. do not take cialis if you take nitrates for chest pain, ashis may cause an unsafe drop in bl
several years ago meeting with speaker pelosi, the twin deficit the job and the budget deficit. lori: we don't hear that. we have breaking news. urinalysis is a fascinating. deschutes your analysis is fascinating we want to have you back again. tracy: and 14 major ports that are being threatened to be shut down. we will get the latest. lori: also confidence in the global economy is higher suggesting people are picking up more security. we are back after this. she keeps you guessing. it's part...
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this is not a deficit reduction deal that will stabilize the debt to gdp ratio and that has to be -- that has to be one of the goals of a broader deal that now we're probably going to be looking for on the other side of the cliff. >> yeah. i don't know. it doesn't seem to be any part of the president's goal. jared, good to see you always. jimmy, you, too. we'll get you guys back in just a few minutes. we'll get you to the roundtable if you haven't had enough yet. what will it mean for banks? new analysis shows that the expiration ever tax cuts will improve bank savings in 2013, by, listen to this, 54%. in other words, people will need to pull their cash savings out to pay for higher taxes. here now is dan geller, executive vice president of market rates insight. dan, good to have you here. walk me through this math. you're saying the average american is going to put 54% less into savings this year because if we go over the fiscal cliff? explain. >> yeah. let's go back, michelle because the amount of taxation on an average household is effort mated at $2600, and right now the average
this is not a deficit reduction deal that will stabilize the debt to gdp ratio and that has to be -- that has to be one of the goals of a broader deal that now we're probably going to be looking for on the other side of the cliff. >> yeah. i don't know. it doesn't seem to be any part of the president's goal. jared, good to see you always. jimmy, you, too. we'll get you guys back in just a few minutes. we'll get you to the roundtable if you haven't had enough yet. what will it mean for...
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paul ryan, the big deficit guy, or so he says, he was on the simpson-bowles commission, and he voted against it, as did every other house republican on the commission. the white house saw no reason to embrace something that raised taxes so sky high and so the white house brought out something that was frankly to the right of simpson-bowles. their budget was to its right and they thought it had a better chance of passing. they thought it was a compromise. but the house republicans did not respond the same way. when they brought out the ryan budget, which was their budget alternative, they didn't compromise. they went way to the right. there was no compromise in it at all. that is fact number one. number two, in 2010 republicans won the midterm election. 2011 the white house agreed to a deal that was all spending cuts. it is the budget control act. it cuts spending by $1.8 trillion over the next decade. except for an increase in pell grants, the bill is all cuts, no taxes. and democrats agree to that. they agreed. that is fact number two. fact number three. at this point even after win
paul ryan, the big deficit guy, or so he says, he was on the simpson-bowles commission, and he voted against it, as did every other house republican on the commission. the white house saw no reason to embrace something that raised taxes so sky high and so the white house brought out something that was frankly to the right of simpson-bowles. their budget was to its right and they thought it had a better chance of passing. they thought it was a compromise. but the house republicans did not...
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i'm shaving a little bit off of this year's deficit. we're going to have fiscal problems for as far as the eye can see, an here's where an investor, a smart investor is going to want to diversify, especially into things like tangible assets like gold. >> you're going to make the case for gold here, which, you know, has had a heck of a run for the last decade or so, but it has started to show signs of wear and tear. what would propel gold from here necessarily? >> well, two things that i would have your viewers take a look at. the first is the reason why gold has kind of flattened out at about 1650 or so is because a huge amount of supply has come on the market. there's a lot of profit-takers who are worried about increased taxes next year. as you said, they have made a lot of money on gold, so they are selling it right now and locking in those profits. the other thing to look at that very few investors have caught on to but when i was at the mint we studied this, gold demand and gold prices correlate very well with the national debt cei
i'm shaving a little bit off of this year's deficit. we're going to have fiscal problems for as far as the eye can see, an here's where an investor, a smart investor is going to want to diversify, especially into things like tangible assets like gold. >> you're going to make the case for gold here, which, you know, has had a heck of a run for the last decade or so, but it has started to show signs of wear and tear. what would propel gold from here necessarily? >> well, two things...
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back to the 1980s when the deficits have started to explode, there have been four or five pieces of legislation over the past 30 years dating back to hollings that was the first sequester. the republicans in the house of representatives, they feel they were elected in 2010 to come here and cut spending. dealing with the tax increases, that's a smaller piece. and that seems to be the focus of these talks right now. getting everybody's hands wrapped around the spending component which again the super committee was supposed to take care of last year, they failed. the budget control act, other provisions, all of these things have failed because nobody wants to give. and that's why it is going to be tough to get this through the house of representatives because these republicans are locked in. they say, look, we have cut some spending here this past year. but it was not cut enough. it was not cut deeply enough. they say hold on, we have already cut. that's the longer heads. getting this through the house will be an uphill climb. >> and statistically, when you look at the surveys americans are dug in
back to the 1980s when the deficits have started to explode, there have been four or five pieces of legislation over the past 30 years dating back to hollings that was the first sequester. the republicans in the house of representatives, they feel they were elected in 2010 to come here and cut spending. dealing with the tax increases, that's a smaller piece. and that seems to be the focus of these talks right now. getting everybody's hands wrapped around the spending component which again the...
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it's about getting the economy on track and also getting the deficit under control. adam: you are a moderate, highly popular in the state of north dakota, and you have compromised with both sides on these issues, but the vast majority of the public looks at congress, all of you, the house of representatives and the senate looking at you guys with disgust. is that coming across in the halls of the capitol? do the people there understand what the people out here, the 310 million of us consider when we think about the political leadership? >> i think that is absolutely what's pushing the negotiation why we have to stay at it. as i said a minute ago, i'm in the camp where we have to continue to push until we get the job done. i'd like the big deal now. if we don't get the deal, get as much as we can and continue to go after the things we're talking about, the reforms and the savings, that we need. adam: senator, we appreciate you being with us here on fox business. while president obama and the congressional leaders work or appear to work to try and come up with a fiscal
it's about getting the economy on track and also getting the deficit under control. adam: you are a moderate, highly popular in the state of north dakota, and you have compromised with both sides on these issues, but the vast majority of the public looks at congress, all of you, the house of representatives and the senate looking at you guys with disgust. is that coming across in the halls of the capitol? do the people there understand what the people out here, the 310 million of us consider...